Italy must respond to an “economic earthquake” from rising energy costs, the head of the country’s business lobby said on Thursday, adding that companies could not afford to wait for a new government to get more help. The head of Confindustria, Carlo Bonomi, called for a cap on the price of natural gas “if not […]
Tag: International financial news
ECB’s Centeno says against hasty decisions on inflation
European policymakers should avoid hasty measures in response to high inflation, which is expected to moderate over time and converge with the European Central Bank’s targets, ECB Governing Council member Mario Centeno said on Thursday . “We should be concerned and act – as consumers and as policymakers – about the inflation numbers we’ve seen. […]
Fitch: Recession in the Eurozone from 2022 with the natural gas tap closed
Recession in the eurozone has now become the most likely possibility against the backdrop of the intensifying natural gas crisis, Fitch Ratings estimates in its new report. In particular, as the rating agency reports, the complete cessation of Russian natural gas flows to the EU increasingly looks like the logical assumption for the elaboration of […]
The residents of Istanbul are in despair: Inflation in the city is at 99.9%
Inflation in Turkey’s biggest city, Istanbul, accelerated to 99.9% last month, according to the city’s main business association. Annual price increases jumped from 91.1% in July, according to the Istanbul Chamber of Commerce (İTO) in its price index published on Thursday. On a monthly basis, the price rose 2.29%, it said. Istanbul inflation is traditionally […]
UBS: At 50 m.v. the ECB interest rate hike in September – What’s next
The European Central Bank’s next steps to tighten policy are outlined by UBS in a note in the shadow of aggressive statements by central bank officials in recent days about the need for more aggressive action to control inflation. In particular, UBS expects the ECB to raise interest rates by 50 basis points on September […]
Spain: Close to pre-pandemic levels, the number of tourists in July
More than double the number of tourists visited Spain in July compared to the same month last year, a figure slightly lower than pre-pandemic levels, figures from the National Statistics Service show today. The 9.1 million visitors in July spent almost 12 billion euros, at least more than double the amount compared to 2021. Revenues […]
Italian GDP growth in the 2nd quarter was revised upwards to 1.1%
Italy’s economy grew by 1.1 percent in the second quarter from a year earlier on strong domestic demand, national statistics agency ISTAT said on Thursday. It is recalled that in the preliminary estimate, GDP growth was measured at 1% on a quarterly basis. On an annual basis, second quarter GDP was correspondingly revised to +4.7% […]
Eurozone: Unemployment fell to 6.6% in July, Greece to 11.4%
Unemployment fell in July in the Eurozone, despite shocks to the European economy from the war in Ukraine and the rally in inflation. In particular, the unemployment rate fell to 6.6% in July from 6.7% in June and 7.7% in July 2021. In the E.U. unemployment fell to 6% from 6.1% in June and 6.9% […]
Eurozone: At the lowest level since June 2020 the manufacturing PMI
European manufacturing activity continued to contract in August, with the relevant PMI falling to a 26-month low, as the inflation rally continues to weigh on demand. In particular, the S&P Global manufacturing PMI for the Eurozone fell in August to 49.6 points from 49.8 points, widening its distance from the 50 point level that separates […]
Spain cuts VAT on natural gas to 5% from 21%
The Spanish government is reducing the value-added tax on natural gas to 5% from 21% from October in order to limit the impact of rising prices on household bills, Prime Minister Pedro Sanchez announced. “So that citizens’ heating bills are lower,” Sanchez said in an interview with a local radio station, according to Reuters. He […]